How can used-car buyers spot scams?
Posted on Tuesday, July 21, 2015 at 10:51:37 AM
During the summer car-buying season, as more people seek auto financing and new vehicles, scammers look to make deals of their own.
Staying on the look out for scams is crucial for anyone interested in purchasing a used car. Scammers know how to set up plenty of traps designed to catch unsuspecting used car shoppers. And the number of people looking for these sort of vehicles is certainly on the rise. Autotrader found that listings for used and certified pre-owned vehicles jumped 4 percent and 12 percent year-over-year, respectively.
"At a minimum," Christine Dikdan, AVP of auto lending for Home Loan Investment Bank, explained. "Please do your due diligence in research and verification before making a purchase you may regret."
Omitting damage information, selling stolen vehicles, deposit scams and title washing are some of tricks that unscrupulous sellers sometimes pull. Sometimes a deal really isn't a deal, and anyone interested in a used car should do as much research as they can before agreeing to buy the vehicle.
"If it sounds too good to be true," Dikdan said. "It probably is not true"